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GE Renewable Energy has ordered CNY321 million (USD47.2 million) worth of wind power equipment from Chinese iron components maker Jiangsu FAW Foundry after signing a long-term supply deal in 2017.
The Paris-based General Electric subsidiary ordered a range of castings from FAW Foundry on June 12, the supplier’s parent Miracle Automation Engineering said in a statement yesterday.
The pair struck a multi-year supply deal in August 2017 under which FAW Foundry would sell its castings to GE Renewable at market-based prices through December 2020. GE spent CNY235 million on such parts in 2018, or about 32.2 percent of casting orders at Miracle Automation.
FAW Foundry, a subsidiary of carmaker FAW Group before Miracle took over in 2009, also received a CNY240 million order for wind turbine castings from Siemens Gamesa Renewable Technology last month.
Source: yicaiglobal.com
